Financial watchdog now 'open for suggestions'

NEW YORK 
The fine print in credit card agreements can be dizzying. If you've got an idea for making it easier to understand, the new federal watchdog charged with policing financial products is now open for suggestions.

On Thursday, the Consumer Financial Protection Bureau launched its website,
www.consumerfinance.gov
. The agency won't have the authority to write and enforce rules until July 21, but it's already inviting ideas from the public on how to improve financial products and services.

The Details

Visitors can submit their suggestions via e-mail, Twitter and YouTube.

The website also notes that the CFPB will launch a one-stop consumer response center later this year to field complaints and questions about financial products. Right now, multiple federal and state agencies have authority to enforce laws related to financial products and services. That often makes it difficult for consumers to know where to direct their complaints.

In addition to signing up for e-mail alerts, consumers can now keep up with CFPB through:

In a video posted on the agency's website, Elizabeth Warren, who's tasked with setting up the CFPB says, "We want to make sure that the American people are with us all the way while we build it." Another animated video also explains the origins for the financial crisis and how the agency will protect consumers going forward. The video is narrated by director and producer Ron Howard.

The Background

The Consumer Financial Protection Bureau was created as part of the sweeping regulatory overhaul last year known as the Dodd-Frank Act. The agency will police credit cards, mortgages, payday loans and other financial products marketed to consumers.

Proponents say such an agency could have provided an early warning system for the deceptive lending practices that precipitated the housing market meltdown.